Australia: Shares track Wall Street higher on Friday

AUSTRALIAN shares rose sharply on Friday, driven by financial, technology and energy stocks, after Wall Street rebounded from an initial sell-off triggered by red-hot US inflation data.

The S&P/ASX 200 index climbed 1.5 per cent to 6,743.7, as of 0020 GMT, heading for its biggest single-day jump since Oct 5.

The benchmark has fallen 0.3 per cent so far this week.

Overnight, US stocks closed more than 2 per cent higher, as technical support and investors covering short bets drove a dramatic rebound from a sell-off earlier in the day.

The market initially dropped after data showed the headline consumer price index rose at an annual pace of 8.2 per cent in September, compared with an estimated 8.1 per cent rise.

In Australia, ASX-listed shares of Virgin Money UK were the top gainers on the benchmark stock index with a rise of 10.24 per cent.

Financials advanced 1.8 per cent, with the country’s “big four” banks up between 1.3 per cent and 2.2 per cent.

Energy stocks jumped as much as 3.7 per cent, leading gains on the bourse and posting their biggest intraday percentage rise since Oct 4, on the back of higher oil prices.

Woodside Energy and Santos rose 4.2 per cent and 3.4 per cent, respectively.

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Technology stocks rose as much as 2.4 per cent, set for their best session since Oct 5, tracking strong gains on the tech-heavy Nasdaq Composite index.

Miners advanced 1.4 per cent despite a slump in iron ore prices.

Heavyweights BHP Group, Fortescue Metals Group and Rio Tinto added between 1.4 per cent and 2.7 per cent.

Gold stocks, however, lost 1 per cent, with Newcrest Mining and Northern Star Resources shedding 0.5 per cent and 0.1 per cent, respectively.

Meanwhile, Qantas was set for its biggest weekly jump since late August, after the airline surprised markets with a stronger-than-expected profit forecast and multiple brokerages raised their price targets.

New Zealand’s benchmark S&P/NZX 50 index rose 0.8 per cent to 10,908.27. The benchmark has declined 1.7 per cent so far this week. REUTERS